Family donates record $12M to U of S

The family of an engineering professor and businessman from the University of Saskatchewan is making a $12-million donation to the Saskatoon-based institution.

The land and building donation from the family of Karim (Kay) Nasser is being called the largest philanthropic gift ever to the U of S.

Nasser is donating four buildings on two parcels of land in downtown Saskatoon.

They include the Vienna Building at 306 and 314 20th Street East and three buildings on the 800 block of Idylwyld Drive North, including the Idylwyld Apartments.

The university says the current market value of the properties is $18 million. It will pay the Nasser family $6 million, resulting in a net "in-kind" gift of $12 million, the university said.

The university will be able to sell the properties or keep them as an investment.

The university will be required to spend the $12 million on student awards, student residences, a student centre, the College of Engineering and the Edwards School of Business.

The downtown campus of the business school is located at Nasser's 20th Street property.

If the university opts to hang on to the properties, it plans to make an internal loan to itself so the Nasser family's wishes can be fulfilled.

The Lebanese-born Nasser had a 33-year teaching career in the College of Engineering. After going into business, he constructed several apartment buildings throughout the city.

The civil engineer's research at the U of S led to the invention of a device that tests the consistency of concrete. The tester was used in the construction of the CN Tower in Toronto and is still in wide use today, the school said.